Klin Holdings Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC198804 (Scotland)

KLIN HOLDINGS LIMITED

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

D Macklin

SECRETARY:

D Macklin

REGISTERED OFFICE:

Andrew Barclay Railway Heritage Centre

West Langlands Street

Kilmarnock

Ayrshire

KA1 2PY

REGISTERED NUMBER:

SC198804 (Scotland)

ACCOUNTANTS:

JRD LLP

11 Portland Road

Kilmarnock

KA1 2BT

FIXED ASSETS

Tangible assets

2

135,036

139,811

Investment property

3

5,353,267

4,980,000

5,488,303

5,119,811

CURRENT ASSETS

Debtors

4

5,747,941

5,568,005

Cash at bank and in hand

423,801

700,630

6,171,742

6,268,635

CREDITORS

Amounts falling due within one year

161,846

249,082

NET CURRENT ASSETS

6,009,896

6,019,553

TOTAL ASSETS LESS CURRENT
LIABILITIES

11,498,199

11,139,364

CREDITORS

Amounts falling due after more than one
year

5

(754,786

)

(540,204

)

PROVISIONS FOR LIABILITIES

(1,227

)

(1,433

)

ACCRUALS AND DEFERRED INCOME

(36,000

)

(36,000

)

NET ASSETS

10,706,186

10,561,727

CAPITAL AND RESERVES

Called up share capital

6

5,000

Revaluation reserve

4,128,427

Profit and loss account

6,572,759

6,428,300

SHAREHOLDERS' FUNDS

10,706,186

10,561,727

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 29th June 2017 and were signed by:

D Macklin - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents amounts recognised as income on contracts. Profit is recognised on long-term contracts, if

the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover

and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value

which costs to date bear to total expected costs for that contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

15% on reducing balance

Investment property

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only

on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although the accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities

(effective January 2005), it is a departure from the general requirement of the Companies Act 1985 for all

tangible assets to be depreciated. In the opinion of the director, compliance with the standard is necessary for the

financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors

reflected in the annual valuation and the amount of this, which might otherwise have been charged, cannot be

separately identified or quantified.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay

less tax in the future have occurred at the balance sheet date. Timing differences are differences between the

company's taxable profit and its results as stated in the financial statements that arise from the inclusion of gains

or losses in tax assessments in periods different from those in which they are recognised in the financial

statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis

of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from

which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a

non-discount basis.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st October 2015

and 30th September 2016

195,690

DEPRECIATION

At 1st October 2015

55,879

Charge for year

4,775

At 30th September 2016

60,654

NET BOOK VALUE

At 30th September 2016

135,036

At 30th September 2015

139,811

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1st October 2015

4,980,000

Additions

373,267

At 30th September 2016

5,353,267

NET BOOK VALUE

At 30th September 2016

5,353,267

At 30th September 2015

4,980,000

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

The aggregate total of debtors falling due after more than one year is £ 5,706,898 (2015 - £ 5,541,683 )

5.

CREDITORS

Creditors include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

687,851

475,407

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

5,000

Ordinary

£1

5,000

7.	ULTIMATE PARENT COMPANY

The ultimate parent company is Klin Investment UK Limited. The company is controlled by D. Macklin,

director.